Rockchip(SH:603893) GUOTAI HAITONG SECURITIES·2025-07-10 11:25Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 182.91 CNY [9][18]. Core Insights - The company is experiencing significant revenue growth in H1 2025, driven by the strong performance of its flagship chips and comprehensive growth across all AIoT product lines [2][9]. - The company is one of the leading domestic AIoT chip manufacturers, continuously expanding its product portfolio [9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 have been revised upwards to 2.73 CNY, 3.67 CNY, and 4.72 CNY respectively, reflecting a strong growth outlook [9]. Financial Summary - Revenue for 2023 is projected at 2,135 million CNY, with a year-on-year growth of 5.2%. By 2027, revenue is expected to reach 6,805 million CNY, representing a growth rate of 20.0% [8]. - The net profit attributable to the parent company is forecasted to be 135 million CNY in 2023, with a significant increase to 1,986 million CNY by 2027, indicating a growth of 28.8% [8]. - The company’s net asset return (ROE) is expected to improve from 4.4% in 2023 to 31.3% in 2027 [8]. Market Performance - The company's stock price has fluctuated between 49.38 CNY and 193.19 CNY over the past 52 weeks, with a current price of 148.30 CNY [3][9]. - The total market capitalization stands at 62,387 million CNY [3]. - The company has shown a 142% absolute increase in stock price over the past 12 months [7].